Bloom, a blockchain-based identity solution, has crossed the 500,000 user milestone on June 28, 2019, making them the single largest entity in their market slice. Bloom changes the way identities are shared by using a blockchain-based solution to reduce the risks of identity fraud and minimize costs associated with doing so.
Restoring Control to the People
The rapid growth of Bloom is a byproduct of their vision to help people take back control of their credit and identity. Most of the growth is a result of the launch of their iOs and Android apps, which has given the public easy access to their platform and a simple way to secure their identities.
Bloom Radar, a personalized hack monitoring service, makes it easier for consumers to figure out if their information has been compromised or misused. It has improved consumer response time by giving them early notice to mitigate the ill effects of such incidents.
Bloom’s app allows users to experience a seamless integration of blockchain and an easy to use UI, as accessing blockchains typically involves setting up a traditional node. In the face of daily privacy invasions and a strong case for decentralized alternatives to protect one’s identity, Bloom is solving a major pain point for modern consumers. Unfortunately, a significant chunk of the population is indifferent to safeguard their privacy.
The swift innovation in technology is creating systems that are less expensive and more functional. Conversely, it takes slightly more effort on users’ part to ensure they keep their information and assets secured.
Many developers are now building on Bloom to improve the tech stack, and even more lenders are integrating themselves onto the platform. Bloom’s latest developer kit has ensured that those building on Bloom enjoy an effortless experience.
Financial services are one of the top use cases for blockchain, evidenced by the full range of services available over Ethereum’s robust DeFi suite. Linking a decentralized identity controlled by the user increases the security of online lending and guarantees while also keeping privacy intact.
Decentralized identities are also crucial to a crypto-based universal basic income (UBI) as the lack of separation between addresses and identities are a crippling problem for an equitable and fair distribution of wealth.